I use Trust Wallet and It’s been like this for a few days now. I thought it was a gas mistake so I set it to $0.15 and the transaction ran out of gas.
Is this normal? What is going on?
I would really hate to have to pay $20, and if its just network congestion, why is it this bad?
Thanks in advance.
Posted Feb 13, 2020, 2:24 PM UTC
Always Set your gas price to 1 gwei.
Unless you’re in a hurry, then check https://ethgasstation.info/
you can adjust your designated gas by tapping on the icon in the top right.
i generally choose 1.1 - so my transaction is prioritized over those choosing 1 (and possibly error-ing out) when the network is congested.
You might be confusing gas price and gas limit.
You should always leave the limit at whatever it wants because it will refund the excess anyway.
I usually set my price between 3-6 but the limit I do take a digit off.
Trust wallet was charging 20 bucks because the limit was a digit more than needed, when I used metamask it was one digit less, hence only two dollars.
I didn’t know u get refunded but it does appear that Trust is putting plenty extra on the limits (10x)
I may be mistaken but gas price is associated with how much you are willing to pay miners to prioritize your transaction whereas gas limit is the max gas you're willing to let the smart contract computation use up. the gas limit may be high but it could very well only use 1% of that limit. the amount of gas used to create a vault shouldn't vary much if at all.
I think you are right; my whole issue was that Trust was immediately asking for 10x greater gas limit than necessary.
It’s not that big of a deal in hindsight, I was just surprised.
A standard practice for Web3 clients is to run eth_estimateGas to find out how much gas it would take given the current state of the blockchain, then multiplies that by 1.5 to leave wiggle room in case state changes increase the gas requirement.
I would strongly recommend against dividing by more than 1.5, or your transaction will almost certainly run out of gas. In general, you shouldn't divide it anyway, because you only pay for the gas you actually use, and setting a limit higher than you need doesn't actually raise the cost.
Gas prices are getting pretty crazy, but you can always sacrafice time and bid lower.
This is why we need EIP-1559. Wallets are terrible at setting gas prices and it costs their users a lot of money.
I just paid $15 to pay transaction fee, it can't even edit it
First time setting this up i paid 20usd worth of eth now its asking for this to send eth to oasis wtf is this shit https://imgur.com/a/A7iihav
Using metamask I currently get a gas fee of about 0.006541 set at medium transaction speed. That amounts to about $1.68. It's a computationally heavy transaction opening a vault so I'm not surprised it's high. I'm not familiar with the trust wallet but I think setting at $0.15 was a little too optimistic.
Must have been Trust Wallet; it’s not the first time their fees have been 10x higher than neccessary.
I used metamask and paid the two dollars. Thanks for the tip
When using trust wallet I found out yesterday that I have to edit the gas price for every transaction because it’s estimates and default gas price are crazy. Even with the setting set to cheap.
Yeah same. It’s exorbitant and usually totally unnecessary.. I’ll tend to remove a digit from the gas limit because it’s always more than enough